Foreign traders lead the way.
According to a report from the Vietnam E-commerce and Information Technology Agency (VECITA), total e-commerce sales by survey respondents in 2014 reached VND1.6 trillion ($79.1 million), double the figure in 2013.
The revenue of the Top 10 websites accounted for 75 per cent of the total. Despite the small number of foreign e-commerce traders, their sales represented a majority, at 59 per cent of total revenue, in 2014, a 15 per cent increase compared to 2013.
Of these, Lazada, invested by Germany’s Rocket Internet, led the race, with 36.1 per cent of total revenue, surpassing reputable competitors such as ebay, vatgia and ChoDienTu. Despite only being established in 2012, Lazada.vn has developed significantly in both volume and transaction value, with revenue double that recorded in 2013.
In terms of investment structure, 85 per cent is held by local investors and 10 per cent by foreign investors. With half the revenue, however, e-commerce is dominated by foreign enterprises.
Most revenue came from websites selling fashion items, cosmetics, and health care, with 23 per cent of total revenue in 2013 rising to 26 per cent in 2014. Following were websites selling computers, phones and office equipment, which grew 1.8-fold in 2014 compared to 2013.
- online shopping